According to the source, traders debating a reported USDe depeg versus an exchange-oracle print should validate peg robustness via redemption mechanics and market indices per Ethena Labs documentation and major exchange index methodologies. Check whether USDe trades persistently away from 1.00 across liquid venues and whether redemption maintains parity after fees and limits per Ethena Labs documentation and Binance and Bybit index methodology disclosures. Inspect on-chain mint and burn flows and stablecoin pool imbalances to gauge sustained redemption pressure and slippage per Ethena Labs documentation and Curve Finance documentation. Evaluate hedge health by monitoring ETH perpetual funding, basis and open interest given USDe’s delta-hedged design using short perps per the Ethena whitepaper and Binance and Bybit derivatives documentation. Differentiate oracle incidents by cross-checking Chainlink and Pyth status reports with exchange index constituents and circuit-breaker rules, as rapid price snap-backs alongside oracle notices typically indicate data issues rather than fundamental depeg risk per Chainlink documentation, Pyth Network documentation, and Binance index safeguards.

According to @MilkRoadDaily, China weaponized its rare earth exports, escalating trade tensions that were followed hours later by a 100% U.S. tariff on all Chinese goods, triggering a broad market panic, source: @MilkRoadDaily. According to @MilkRoadDaily, BTC fell by 20,000 USD within minutes, pulling the entire crypto market lower, source: @MilkRoadDaily. According to @MilkRoadDaily, the stablecoin USDe depegged to as low as 0.62 USD, source: @MilkRoadDaily. According to @MilkRoadDaily, ATOM nearly went to zero during the crash, source: @MilkRoadDaily. According to @MilkRoadDaily, ENA dropped by nearly 80% and SOL fell about 40%, source: @MilkRoadDaily. According to @MilkRoadDaily, over 19 billion USD in leverage was wiped out as exchanges triggered Auto Deleveraging that closed positions even for traders who were in profit, source: @MilkRoadDaily. According to @MilkRoadDaily, this sequence produced one of the most violent days the crypto market has seen, underscoring extreme liquidity and ADL risk during macro shocks, source: @MilkRoadDaily.

According to @PeckShieldAlert, USDe has depegged to about $0.65 against USDT at the time of reporting. Source: PeckShieldAlert on X https://twitter.com/PeckShieldAlert/status/1976823216170766508 This level indicates roughly a 35 percent deviation from the $1 peg, highlighting material pricing risk for USDe-quoted pairs during the event window. Source: PeckShieldAlert on X https://twitter.com/PeckShieldAlert/status/1976823216170766508 Traders holding or quoting USDe against USDT would face an immediate mark-to-market discount near the reported level. Source: PeckShieldAlert on X https://twitter.com/PeckShieldAlert/status/1976823216170766508